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The people who bought homes at 3% interest rates are doing fairly ok. The increases in Healthcare, food, and utilities really suck but are mostly manageable if your housing cost is fixed.
Until we see policy makers talking about how rent prices are outstripping any wage increases, a large portion of the population will continue to feel increasingly crushed and disenfranchised. Averages cease being useful measures when the difference between the budgeting with a fixed mortgage vs variable rent is so significant.
Fortunately, I am in the first group, but had been renting for a long time before that. A lot of people I care about are still renters or stuck living with family. Even though I'm comfortable, I can't take anyone seriously who says this economy is healthy without addressing the millions of people struggling to make ends meet.
I really wish we'd see policy makers shift to measures of quality of life, including financial security, over raw economic metrics. Those metrics are even sometimes at odds to each other. For example, people fully owning durable homes and cars that don't need much maintenance would increase their quality of life, but decrease measures of economic activity.
Companies make the same mistake all the time: They optimize for the wrong metrics and then wonder why things break.
I don't know how anyone can call this a strong economy when 20,000 people filed for bankruptcy for medical expenses last year, and twelve million kids face food insecurity.
I agree completely. 1/5 children are food insecure in my area. 20%. That's insane. We are a wealthy country and I'm in a major metropolitan area and yet, 20% of kids don't know where their next meal is coming from.
Need to bring back the mustache mayoral candidate guy.